SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
X	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* OCONNOR PHILIP R (Last) (First) (Middle) C/O DELPHI CAPITAL MANAGEMENT, INC. 590 MADISON AVENUE 30TH FL (Street) NEW YORK NY 10022 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol DELPHI FINANCIAL GROUP INC/DE [ DFG ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) Former director
	3. Date of Earliest Transaction (Month/Day/Year) 05/15/2012
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	05/15/2012		D		6,075	D	$43.875(1)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$19.56	05/15/2012		D			5,963	05/29/2004	05/29/2013	Class A Common Stock	5,963	(2)	0	D
Stock Option (right to buy)	$19.56	05/15/2012		D			7,668	08/27/2003	05/29/2013	Class A Common Stock	7,668	(2)	0	D
Stock Option (right to buy)	$26.3333	05/15/2012		D			7,452	05/06/2005	05/06/2014	Class A Common Stock	7,452	(2)	0	D
Stock Option (right to buy)	$26.3333	05/15/2012		D			5,696	08/04/2004	05/06/2014	Class A Common Stock	5,696	(2)	0	D
Stock Option (right to buy)	$27.8533	05/15/2012		D			8,198	05/25/2006	05/25/2015	Class A Common Stock	8,198	(2)	0	D
Stock Option (right to buy)	$27.8533	05/15/2012		D			5,385	08/23/2005	05/25/2015	Class A Common Stock	5,385	(2)	0	D
Stock Option (right to buy)	$34.6667	05/15/2012		D			8,943	05/04/2007	05/04/2016	Class A Common Stock	8,943	(2)	0	D
Stock Option (right to buy)	$34.6667	05/15/2012		D			4,328	08/02/2006	05/04/2016	Class A Common Stock	4,328	(2)	0	D
Stock Option (right to buy)	$42.91	05/15/2012		D			3,496	08/07/2007	05/09/2017	Class A Common Stock	3,496	(2)	0	D
Stock Option (right to buy)	$42.91	05/15/2012		D			6,991	05/01/2008	05/09/2017	Class A Common Stock	6,991	(2)	0	D
Stock Option (right to buy)	$27.15	05/15/2012		D			5,525	08/05/2008	05/07/2018	Class A Common Stock	5,525	(2)	0	D
Stock Option (right to buy)	$27.15	05/15/2012		D			11,049	05/01/2009	05/07/2018	Class A Common Stock	11,049	(2)	0	D
Stock Option (right to buy)	$19.58	05/15/2012		D			15,322	05/01/2010	05/06/2019	Class A Common Stock	15,322	(2)	0	D
Stock Option (right to buy)	$19.58	05/15/2012		D			7,661	08/04/2009	05/06/2019	Class A Common Stock	7,661	(2)	0	D
Stock Option (right to buy)	$26.33	05/15/2012		D			5,697	05/01/2011	05/05/2020	Class A Common Stock	5,697	(2)	0	D
Stock Option (right to buy)	$26.33	05/15/2012		D			5,697	08/03/2010	05/05/2020	Class A Common Stock	5,697	(2)	0	D
Stock Option (right to buy)	$29.83	05/15/2012		D			5,028	05/01/2012	05/11/2021	Class A Common Stock	5,028	(2)	0	D
Stock Option (right to buy)	$29.83	05/15/2012		D			5,028	08/09/2011	05/11/2021	Class A Common Stock	5,028	(2)	0	D

Explanation of Responses:

1. Disposed of pursuant to the Agreement and Plan of Merger dated as of December 21, 2011 by and among the issuer, Tokio Marine Holdings, Inc. and TM Investment (Delaware) Inc. (the "Merger Agreement"), pursuant to which each of the shares was converted into the right to receive $43.875 in cash. In addition, pursuant to the terms of the Merger Agreement, a special cash dividend of $1.00 per share was paid in respect of such shares on May 16, 2012.

2. Pursuant to the terms of the Merger Agreement, such option, whether or not fully vested, was cancelled in exchange for the right to receive a cash payment equal to the amount by which $44.875 exceeded the exercise price per share of such option, multiplied by the number of shares of Class A Common Stock underlying such option.

Remarks:

	Chad W. Coulter, Attorney-in-Fact for Philip R. O'Connor	05/17/2012
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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